Gold futures edged higher on Monday as investors noted the weaker dollar as central bank chiefs in Wyoming dodged policy discussions and the impact of Hurricane Harvey on the US growth outlook was under review. In the week ahead, Friday’s US jobs report for August is in focus to gauge how it will impact on the path of Fed policy. Traders will also be closely watching a revised reading of US second quarter growth.
Crude oil futures once again moved higher on Friday, despite fears that Hurricane Harvey could disrupt refinery activity, reducing demand for crude oil. The government weather agencies said Harvey became a Category 2 storm as it crossed the Gulf of Mexico with winds of 110 mph (175 kph), 145 miles (235 km) off Port O'Connor, Texas. Traders also got some support with oilfield services firm Baker Hughes report, which said its weekly count of oil rigs operating in the United States fell by four to a total of 759 this week.
Copper futures traded up on MCX due to expanding positions by participants, driven by rising demand from consuming industries at the domestic spot markets.
Technical Level
Gold
Support at 29000 and Resistance at 29450
Trend looks positive and could touch its resistance level of 29450, further upside rally will see only above 29450 else could touch its support level of 29000 again
Fresh selling can be initiated below 29000
Silver
Support at 38700---38300 and Resistance 39300
Break and sustain above 39300 will take it to 39750---40000+++ mark else could touch its support level of 38700---38300 again.
Fresh selling can be initiated below 38700 mark
Crude
Support at 3020 and Resistance at 3070
Break and sustain below 3020 will take it to 2970 mark else it could touch its resistance level of 3070
Fresh buying can be initiated above 3070
Natural Gas
Support at 183 and resistance at 186
Trading in range either side breakout with volumes will decide further.
Copper
Hurdle at 433. Close above 433 will take to 437---441 and then to 450+++ mark in days to come
Support and stop loss below 425 on closing basis.
More will update soon!!
